On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 78,880 $ 136,000 Net purchases 119,040 256,000 Net markups 6,000 Net markdowns 14,000 Net sales 230,000 Retail price index, 12/31/2021 1.10 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 78,880 $ 136,000 Net purchases 119,040 256,000 Net markups 6,000 Net markdowns 14,000 Net sales 230,000 Retail price index, 12/31/2021 1.10 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021:
Cost | Retail | |||
Beginning inventory | $ | 78,880 | $ | 136,000 |
Net purchases | 119,040 | 256,000 | ||
Net markups | 6,000 | |||
Net markdowns | 14,000 | |||
Net sales | 230,000 | |||
Retail price index, 12/31/2021 | 1.10 | |||
Required:
Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)
Answer is not complete.
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